Western Gas Equity Partners IPO jumps 26%

SteveGelsi

NEW YORK (MarketWatch) -- Western Gas Equity Partners LP
WGP, -2.54%
jumped 26% in its stock market debut on Friday. The IPO was priced at $22 per common unit and changed hands at $27.80 in recent trades. The Woodland, Texas, energy firm raised $378 million by offering 17.2 million units above their estimated price range of $19-$21 each. A Delaware limited partnership, Western Gas Equity Partners was formed to own three types of partnership interests in Western Gas Partners
WES, -3.13%
which was organized by Anadarko Petroleum Corp.
APC, -2.58%
Upon completion of the IPO, Western Gas Equity Partners said it plans to pay an initial quarterly distribution of 16.5 cents per common unit, or 66 cents per common unit on an annualized basis.

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